MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
AVENUE SUPERMARTS LIMITED (w.e.f. 01.02.2011) |
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|
|
|
Formerly Known
As : |
AVENUE SUPERMARTS PRIVATE LIMITED |
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Registered
Office : |
Anjaneya CHS Limited, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.05.2000 |
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Com. Reg. No.: |
11-126473 |
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Capital
Investment / Paid-up Capital : |
Rs.3807.300 Millions |
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CIN No.: [Company Identification
No.] |
U51900MH2000PLC126473 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA18620A / MUMA18619G / MUMA15117E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Provide a one-stop shopping experience. |
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No. of Employees
: |
Information not divulged by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a company owns and operates hypermarkets and supermarkets by
the name like D-Mart. It provides one-stop shopping experience. It is an established company having satisfactory track record. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Ashu Gupta |
|
Designation : |
Finance controller and Company Secretary |
|
Contact No.: |
91-22-40496500 |
|
Date : |
16.05.2011 |
LOCATIONS
|
Registered Office : |
Anjaneya CHS Limited, |
|
Tel. No.: |
91-22-40496501 |
|
Fax No.: |
91-22-40496503 |
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E-Mail : |
DIRECTORS
As on 14.09.2010
|
Name : |
Mr. Radhakishan Shivkishan Damani |
|
Designation : |
Director |
|
Address : |
B-2, 30th Floor, Prithvi Apartments CHS Limited, 21, |
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Date of Birth/Age : |
15.03.1955 |
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Date of Appointment : |
02.04.2007 |
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DIN No. : |
00278474 |
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Name : |
Mr. Ramakant Kanhaiyalal Baheti |
|
Designation : |
Director |
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Address : |
A/501, Hercules Vasant Galaxy, Bangur Nagar, Goregaon (West), Mumbai –
400090, |
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Date of Birth/Age : |
07.07.1973 |
|
Date of Appointment : |
02.01.2006 |
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DIN No. : |
00246480 |
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Name : |
Mr. Ramesh Shrichand Damani |
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Designation : |
Director |
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Address : |
Sunshine, 6th Floor, 156, |
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Date of Birth/Age : |
12.05.1957 |
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Date of Appointment : |
09.09.2009 |
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DIN No. : |
00304347 |
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Name : |
Mr. Ignatius Navil Noronha |
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Designation : |
Director |
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Address : |
D-102, Golden Square, Near MHB Colony, Sunder Nagar, Neat to Kalina
University, Santacruz (West), Mumbai – 400098, Maharashtra, India |
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Date of Birth/Age : |
02.12.1974 |
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Date of Appointment : |
02.01.2006 |
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DIN No. : |
01787989 |
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Name : |
Mr. Sadanand Mahadeo Padhye |
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Designation : |
Director |
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Address : |
203, Vijayata, |
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Date of Birth/Age : |
04.08.1952 |
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Date of Appointment : |
07.11.2007 |
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DIN No. : |
01887024 |
KEY EXECUTIVES
|
Name : |
Mr. Ashu Gupta |
|
Designation : |
Secretary |
|
Address : |
16, Divakar, Naval Officers Flats, Sassoon Complex, Colaba, Mumbai –
400005, |
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Date of Birth/Age : |
05.01.1975 |
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Date of Appointment : |
03.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Radhakishan Shivkishan Damani |
|
249400000 |
|
Gopikishan Damani |
|
38000000 |
|
Kirandevi Damani |
|
10100000 |
|
Shrikantadevi Damani |
|
10000000 |
|
Bright Star Investments Private Limited ( |
|
69930000 |
|
Ignatius Navil Noronha |
|
5350000 |
|
Total |
|
382780000 |
As on 14.09.2010
|
Category |
Percentage |
|
Bodies corporate |
18.00 |
|
Directors or relatives of Directors |
82.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provide a one-stop shopping experience. |
GENERAL INFORMATION
|
No. of Employees : |
Information not divulged by the management. |
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Bankers : |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Dalal and Shah Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Associates/Subsidiaries : |
Align Retail Trades Private Limited CIN No. : U52190MH2006PTC164826 Avenue Food Plaza Private Limited CIN No. : U55200MH2004PTC146827 |
CAPITAL STRUCTURE
As on 14.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
382780000 |
Equity Shares |
Rs.10/-each |
Rs.3827.800
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.10/- each |
Rs.7500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
380730000 |
Equity Shares |
Rs.10/-each |
Rs.3807.300
Millions |
Note :-
Of the above 100000000 shares were issued for consideration
other than cash, pursuant to Amalgamation in the year 2003-2004
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3807.300 |
2725.000 |
1000.000 |
|
|
2] Advance against Equity Shares |
0.000 |
0.000 |
575.800 |
|
|
3] Reserves & Surplus |
372.481 |
160.424 |
105.250 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4179.781 |
2885.424 |
1681.050 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
815.296 |
398.126 |
338.175 |
|
|
2] Unsecured Loans |
1014.135 |
1079.835 |
1416.495 |
|
|
TOTAL BORROWING |
1829.431 |
1477.961 |
1754.670 |
|
|
DEFERRED TAX LIABILITIES |
97.146 |
70.772 |
41.543 |
|
|
|
|
|
|
|
|
TOTAL |
6106.358 |
4434.157 |
3477.263 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
5042.244 |
3713.950 |
1513.702 |
|
|
Capital work-in-progress |
397.288 |
494.486 |
1721.961 |
|
|
|
|
|
|
|
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INVESTMENT |
220.205 |
22.016 |
22.006 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
717.662
|
473.006 |
266.990 |
|
|
Sundry Debtors |
30.727
|
14.334 |
5.124 |
|
|
Cash & Bank Balances |
99.700
|
36.620 |
35.598 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
282.276
|
174.868 |
78.359 |
|
Total
Current Assets |
1130.365
|
698.828 |
386.071 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
185.360 |
131.702 |
37.325 |
|
|
Other Current Liabilities |
402.440
|
339.615 |
125.119 |
|
|
Provisions |
95.944
|
23.806 |
4.033 |
|
Total
Current Liabilities |
683.744
|
495.123 |
166.477 |
|
|
Net Current Assets |
446.621
|
203.705 |
219.594 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6106.358 |
4434.157 |
3477.263 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10347.903 |
5927.552 |
3464.288 |
|
|
|
Other Income |
105.771 |
72.035 |
5.627 |
|
|
|
TOTAL (A) |
10453.674 |
5999.587 |
3469.915 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
8917.953 |
5117.497 |
2963.418 |
|
|
|
Employee Costs |
360.496 |
252.537 |
127.229 |
|
|
|
Operating, Administrative and Selling Expenses |
509.146 |
325.862 |
207.143 |
|
|
|
TOTAL (B) |
9787.595 |
5695.896 |
3297.790 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
666.079 |
303.691 |
172.125 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
126.074 |
55.633 |
42.353 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
540.005 |
248.058 |
129.772 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.335 |
140.760 |
96.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
323.670 |
107.298 |
33.635 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
111.613 |
52.124 |
14.654 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
212.057 |
55.174 |
18.981 |
|
|
|
|
|
|
|
|
|
Less |
Tax in Respect
of earlier years |
0.000 |
0.000 |
0.173 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.424 |
105.250 |
86.442 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
372.481 |
160.424 |
105.520 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
39.944 |
44.496 |
27.581 |
|
|
TOTAL IMPORTS |
39.944 |
44.496 |
27.581 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.74 |
0.30 |
0.19 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.03
|
0.92 |
0.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.13
|
1.81 |
0.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.24
|
2.43 |
1.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.04 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.68 |
1.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65
|
1.41 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors |
|
|
|
|
- For Capital Goods |
90.408 |
43.520 |
6.974 |
|
- Others |
94.952 |
88.182 |
30.351 |
|
Total |
185.360 |
131.702 |
37.325 |
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 903, Dalamal
House, 206, J.B. Marg, Nariman Point, Mumbai – 400021,
PERFORMANCE REVIEW
The Company has
recorded yet another year of exponential growth even at a time of a highly
competitive environment in the Retail Sector. The Company has opened Nine new
stores during the year taking the total number of Stores to 32.
The income from
operations has increased to Rs. 10347.903 Millions as against the previous
year's income of Rs. 5927.552 Millions, registering a growth of 74.57 % on a y-o-y basis. The Company has made a Net
Profit of Rs. 212.057 Millions.
FORM 8
|
Corporate
identity number of the company |
U51900MH2000PLC126473 |
|
Name of the
company |
AVENUE SUPERMARTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Anjaneya CHS Limited, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10188271 |
|
Type of charge |
Book debts Movable property Others |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation. |
|
Date of
instrument Creating the charge |
16.11.2010 |
|
Amount secured by
the charge |
Rs.125.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: As per the Bank's
Sanction Letters. Terms of
repayment : As per the Bank's
Sanction Letters Margin : As per the Bank's
Sanction Letters Extent and
operation of the charge : First pari passu
charge on Current assets of the Borrower, present and future, along with HDFC
Bank and ICICI Bank. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
Borrower's Current assets, both present and future. |
|
Particulars of
the present modification |
Bank had granted facilities
of Rs. 50.000 Millions to the Borrower which was secured by way of
Hypothecation on Current assets of the Borrower on 20/11/2009. Now bank has
enhanced the credit facilities from Rs.50.000 Millions to 125.000 Millions.
The said charge is modified and extended to the total facilities of
Rs.125.000 Millions. |
FIXED ASSETS
- Leasehold
Improvements
- Building
- Furniture and
Fixtures
- Plant and
Machinery
- Office
Equipment
- Computer
- Electrical
Installations
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.